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COSL plans to invest in new rigs and vessels

The COSL plans to order two semi-submersible drilling rigs, four jack-up rigs, 15 oilfield utility vessels, three integrated surveying vessels, one seismic vessel and two platform supply vessels. “About 90 percent of the annual operation contracts of the drilling rigs of the company for 2014 have already been secured and the company expects that the utilisation rate of the drilling rigs will be maintained at a high level,” COSL said. “The volume of work relating to geophysical services, marine support and transportation services in 2014 is expected to remain stable. Benefiting from the growth in the work volume of the drilling segment and new business development in well services, the volume of work for well services is expected to have a relatively rapid increase.”